How to pass journal entry for vat return entry
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Answer Posted / rahul sharma
1. at the time of Purchase
Purchase A/c Dr.10
To VAT input A/C Cr.10
2. at the time of Sale
VAT output A/C Dr.15
To Sales A/C Cr.15
3. Adjustment Entry
VAT output A/C Dr.15
To VAT input A/C Cr.10
To VAT Payable A/C Cr.05
4. for payment of TAX
VAT Payable A/C Dr.05
To Cash/Bank A/C Cr.05
# if input is excess then output then tax is refundable
| Is This Answer Correct ? | 68 Yes | 17 No |
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